Lighthouse Investment Partners LLC bought a new position in Ares Management Co. (NYSE:ARES - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 57,207 shares of the asset manager's stock, valued at approximately $10,127,000.
Several other hedge funds also recently made changes to their positions in the company. Barclays PLC raised its stake in Ares Management by 42.4% during the 3rd quarter. Barclays PLC now owns 435,103 shares of the asset manager's stock valued at $67,807,000 after acquiring an additional 129,611 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Ares Management by 9.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,244,179 shares of the asset manager's stock valued at $1,284,773,000 after acquiring an additional 679,462 shares in the last quarter. GAMMA Investing LLC raised its stake in Ares Management by 53.4% during the 4th quarter. GAMMA Investing LLC now owns 227 shares of the asset manager's stock valued at $40,000 after acquiring an additional 79 shares in the last quarter. Nordea Investment Management AB raised its stake in Ares Management by 14.7% during the 4th quarter. Nordea Investment Management AB now owns 15,118 shares of the asset manager's stock valued at $2,686,000 after acquiring an additional 1,936 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in Ares Management by 2.6% during the 4th quarter. Harbor Capital Advisors Inc. now owns 2,746 shares of the asset manager's stock valued at $486,000 after acquiring an additional 70 shares in the last quarter. Institutional investors and hedge funds own 50.03% of the company's stock.
Insider Activity at Ares Management
In other Ares Management news, Chairman Bennett Rosenthal sold 69,809 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $161.01, for a total transaction of $11,239,947.09. Following the completion of the sale, the chairman now directly owns 30,191 shares in the company, valued at approximately $4,861,052.91. This trade represents a 69.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael J. Arougheti sold 110,845 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $153.17, for a total value of $16,978,128.65. Following the sale, the chief executive officer now owns 1,400,000 shares of the company's stock, valued at $214,438,000. The trade was a 7.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 250,180 shares of company stock valued at $39,411,066. Company insiders own 36.86% of the company's stock.
Analyst Ratings Changes
Several analysts have weighed in on ARES shares. TD Cowen cut their target price on Ares Management from $216.00 to $161.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. JMP Securities lifted their target price on Ares Management from $165.00 to $185.00 and gave the company a "market outperform" rating in a research note on Thursday, May 8th. Wolfe Research set a $193.00 target price on Ares Management and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Wells Fargo & Company lifted their target price on Ares Management from $156.00 to $182.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Finally, Bank of America lowered their price target on Ares Management from $221.00 to $201.00 and set a "buy" rating on the stock in a research report on Friday, April 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $174.50.
Check Out Our Latest Stock Analysis on ARES
Ares Management Price Performance
Shares of NYSE ARES traded up $1.63 during mid-day trading on Friday, reaching $170.33. The company had a trading volume of 1,700,541 shares, compared to its average volume of 1,425,731. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.53. The stock has a market cap of $55.63 billion, a PE ratio of 83.91, a P/E/G ratio of 1.28 and a beta of 1.40. The company has a 50-day moving average price of $148.51 and a two-hundred day moving average price of $167.60. Ares Management Co. has a 1-year low of $110.63 and a 1-year high of $200.49.
Ares Management (NYSE:ARES - Get Free Report) last issued its earnings results on Monday, May 5th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.94 by $0.15. The business had revenue of $951.96 million for the quarter, compared to analysts' expectations of $914.00 million. Ares Management had a return on equity of 16.64% and a net margin of 11.35%. During the same period in the previous year, the firm posted $0.80 EPS. On average, equities analysts anticipate that Ares Management Co. will post 5.28 earnings per share for the current year.
Ares Management Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend is Monday, June 16th. Ares Management's payout ratio is 263.53%.
About Ares Management
(
Free Report)
Ares Management Corporation operates as an alternative asset manager in the United States, Europe, and Asia. The company's Tradable Credit Group segment manages various types of investment funds, such as commingled and separately managed accounts for institutional investors, and publicly traded vehicles and sub-advised funds for retail investors in the tradable and non-investment grade corporate credit markets.
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